Rocket Companies, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
RKT$14.45-4.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
($ In Thousands, Except Per Share Amounts)
| September 30,2025 | December 31,2024 | |
|---|---|---|
| Assets · (Unaudited) | ||
| Cash and cash equivalents | $5,836,104 | $1,272,853 |
| Restricted cash | 21,036 | 16,468 |
| Mortgage loans held for sale, at fair value | 11,657,795 | 9,020,176 |
| Derivative assets, at fair value | 329,559 | 192,433 |
| Mortgage servicing rights (“MSRs”), at fair value | 7,364,129 | 7,633,371 |
| Notes receivable and due from affiliates | 17,433 | 14,245 |
| Property and equipment, net of accumulated depreciation and amortization of $668,746 and $620,252, respectively | 201,282 | 213,848 |
| Deferred tax asset, net | 11,800 | 521,824 |
| Lease right of use assets | 260,056 | 281,770 |
| Loans subject to repurchase right from Ginnie Mae | 2,842,715 | 2,785,146 |
| Goodwill and intangible assets, net | 3,282,853 | 1,227,517 |
| Other assets | 1,751,366 | 1,330,412 |
| Total assets | $33,576,128 | $24,510,063 |
| Liabilities and equity | ||
| Liabilities | ||
| Funding facilities | $10,523,088 | $6,708,186 |
| Other financing facilities and debt: | ||
| Senior Notes, net | 8,537,628 | 4,038,926 |
| Early buy out facility | 54,589 | 92,949 |
| Accounts payable | 297,536 | 181,713 |
| Lease liabilities | 294,662 | 319,296 |
| Derivative liabilities, at fair value | 65,211 | 11,209 |
| Investor reserves | 98,725 | 99,998 |
| Notes payable and due to affiliates | 2,839 | 31,280 |
| Tax receivable agreement liability | 590,490 | 581,183 |
| Loans subject to repurchase right from Ginnie Mae | 2,842,715 | 2,785,146 |
| Deferred tax liability | 551,869 | 17,445 |
| Other liabilities | 865,313 | 599,352 |
| Total liabilities | $24,724,665 | $15,466,683 |
| Equity | ||
| Preferred stock, $0.00001 par value - 500,000,000 shares authorized as of September 30, 2025 and December 31, 2024, none issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. | $— | $— |
| Class A common stock, $0.00001 par value - 10,000,000,000 shares authorized as of September 30, 2025 and December 31, 2024, 261,259,608 and 146,028,193 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. | 2 | 1 |
| Class B common stock, $0.00001 par value - zero and 6,000,000,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively, none issued and outstanding as of September 30, 2025 and December 31, 2024. | — | — |
| Class C common stock, $0.00001 par value - zero and 6,000,000,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively, none issued and outstanding as of September 30, 2025 and December 31, 2024. | — | — |
| Class D common stock, $0.00001 par value - 6,000,000,000 shares authorized as of September 30, 2025 and December 31, 2024, zero and 1,848,879,483 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. | — | 19 |
| Class L common stock, $0.00001 par value - 6,000,000,000 and zero shares authorized as of September 30, 2025 and December 31, 2024, respectively, 1,848,879,455 and zero shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. | 19 | — |
| Additional paid-in capital | 8,797,962 | 389,695 |
| Retained earnings | 55,199 | 312,834 |
| Accumulated other comprehensive loss | (1,719) | (48) |
| Non-controlling interest | — | 8,340,879 |
| Total equity | 8,851,463 | 9,043,380 |
| Total liabilities and equity | $33,576,128 | $24,510,063 |
Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
($ In Thousands, Except Per Share Amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | ||||
| Gain on sale of loans | ||||
| Gain on sale of loans excluding fair value of originated MSRs, net | $641,721 | $506,688 | $1,621,295 | $1,396,128 |
| Fair value of originated MSRs | 385,692 | 337,702 | 993,644 | 906,044 |
| Gain on sale of loans, net | 1,027,413 | 844,390 | 2,614,939 | 2,302,172 |
| Loan servicing (loss) income | ||||
| Servicing fee income | 413,138 | 373,796 | 1,215,111 | 1,074,219 |
| Change in fair value of MSRs | (479,602) | (878,311) | (1,127,672) | (934,744) |
| Loan servicing (loss) income, net | (66,464) | (504,515) | 87,439 | 139,475 |
| Interest income | ||||
| Interest income | 126,459 | 108,566 | 342,051 | 309,961 |
| Interest expense on funding facilities | (90,778) | (101,820) | (245,696) | (234,556) |
| Interest income, net | 35,681 | 6,746 | 96,355 | 75,405 |
| Other income | 608,654 | 300,327 | 1,204,066 | 814,334 |
| Total revenue, net | 1,605,284 | 646,948 | 4,002,799 | 3,331,386 |
| Expenses | ||||
| Salaries, commissions and team member benefits | 874,774 | 607,526 | 2,107,841 | 1,702,042 |
| General and administrative expenses | 354,554 | 221,074 | 902,790 | 690,691 |
| Marketing and advertising expenses | 274,273 | 200,528 | 825,946 | 617,761 |
| Depreciation and amortization | 78,340 | 28,607 | 132,776 | 83,633 |
| Interest and amortization expense on non-funding debt | 137,195 | 38,620 | 233,200 | 115,349 |
| Other expenses | 70,344 | 47,912 | 183,283 | 128,817 |
| Total expenses | 1,789,480 | 1,144,267 | 4,385,836 | 3,338,293 |
| Loss before income taxes | (184,196) | (497,319) | (383,037) | (6,907) |
| Benefit from (provision for) income taxes | 60,342 | 15,895 | 80,826 | (5,878) |
| Net loss | (123,854) | (481,424) | (302,211) | (12,785) |
| Net loss attributable to non-controlling interest | — | 459,413 | 166,189 | 8,284 |
| Net loss attributable to Rocket Companies | $(123,854) | $(22,011) | $(136,022) | $(4,501) |
| Loss per share of Participating Common Stock | ||||
| Basic | $(0.06) | $(0.16) | $(0.17) | $(0.03) |
| Diluted | $(0.06) | $(0.19) | $(0.17) | $(0.03) |
| Weighted average shares outstanding | ||||
| Basic | 2,106,227,188 | 141,763,221 | 815,634,892 | 139,475,981 |
| Diluted | 2,106,227,188 | 2,003,296,515 | 815,634,892 | 139,475,981 |
| Comprehensive loss | ||||
| Net loss | $(123,854) | $(481,424) | $(302,211) | $(12,785) |
| Cumulative translation adjustment | (507) | (358) | 290 | 161 |
| Comprehensive loss | (124,361) | (481,782) | (301,921) | (12,624) |
| Comprehensive loss attributable to non-controlling interest | — | 459,747 | 165,336 | 8,133 |
| Comprehensive loss attributable to Rocket Companies | $(124,361) | $(22,035) | $(136,585) | $(4,491) |
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